The Philippine trade deficit widened to $5.8 billion in October 2024 from $4.2 billion a year ago, the Philippine Statistics Authority said Tuesday.
Data from the PSA showed that merchandise export sales in October 2024 amounted to $6.16 billion, down 5.5 percent from $6.52 billion in the same month of 2023. In September 2024 and October 2023, export sales registered annual declines of 7.6 percent and 15.8 percent, respectively.
Total exports from January to October reached $61.83 billion, a 0.4-percent increase from $61.60 billion in the same period of 2023.
Electronic products remained the top export in October 2024, earning $2.87 billion or 46.5 percent of the total. Other manufactured goods followed with $510.58 million (8.3 percent), and other mineral products with $297.87 million (4.8 percent).
Merchandise imports amounted to $11.96 billion in October 2024, an 11.2-percent increase from $10.76 billion a year ago. In September 2024, the import value rose 10.1 percent annually, while a 2.4-percent annual decline was seen in October 2023.
Electronic products led the annual increase in imported goods with $464.58 million. Transport equipment followed with $333.11 million, and cereals and cereal preparations with $294.25 million.
Merchandise imports in the first ten months hit $107.05 billion, up by 1.7 percent annual increase from $105.25 billion in the same period of 2023.